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November 06, 2012

Rhode Island added to foreclosure moratorium

The Department of Housing and Urban Development added Rhode Island to the list of states where there will be a 90-day moratorium on foreclosures due to Hurricane Sandy.

The foreclosure moratorium applies to loans backed by the Federal Housing Administration. HUD announced similar foreclosure moratoriums last week for New Jersey, New York and Connecticut.

HUD Secretary Shaun Donovan said the department will speed federal disaster assistance to Rhode Island and provide support to homeowners and low-income renters forced from their homes due to the hurricane.

Disaster victims are eligible for 100 percent financing to rebuild or purchase a new home through an FHA-approved lender, the department said. Insurance is also available to refinance and repair a home under a single mortgage.

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